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The United States’ shale capabilities are not a threat to Saudi Arabia, and should be welcomed, according to Khalid Al-Falih, Saudi Aramco’s chief executive.
Speaking at the ONS exhibition taking place in Norway this week, Al-Falih said the US’s shale sector was “absolutely not” a threat.
He told delegates that Saudi Aramco is accelerating its shale capabilities and expects its first shale production in a couple of years.
“I also think, globally, shale oil and gas is the best thing that has happened because it has kept prices within a band that allows consumers and producers to plan appropriately for investment and to meet rising energy demand,” he added.
“Without that share, the world would have been in a tight spot given the interruptions that have taken place in some other producing areas.”
During the industry exhibition, it was also revealed that Saudi Aramco will spend $40bn over the next decade to meet its production targets.
